Memphis, Tenn. (May 3, 2007) — Morgan Keegan & Company, Inc. today announced the signing of a definitive agreement to acquire Shattuck Hammond Partners LLC, an independent investment banking and financial advisory firm specializing in the healthcare services industry.
This new entity will operate as a division of Morgan Keegan & Company, Inc. under the name of Shattuck Hammond Partners. The firm will continue to provide comprehensive investment banking and financial advisory services to clients across a variety of healthcare sectors. Morgan Keegan is a subsidiary of Regions Financial Corporation (NYSE:RF).
As one of the premier investment banking boutiques in the industry, Shattuck Hammond brings added expertise and a well-recognized platform to complement Morgan Keegan’s healthcare investment banking practice. When combined with Regions’ established healthcare presence and Morgan Keegan’s existing investment banking platform, the Shattuck Hammond acquisition will provide a catalyst to grow the firm’s for-profit and not-for-profit healthcare investment banking practice. In addition, Shattuck Hammond’s national client base, which includes some of the most prestigious hospital systems in the country, will broaden the scope of healthcare clients that Morgan Keegan serves.
“The acquisition of Shattuck Hammond strengthens our firm’s position in an important industry segment which has potential for tremendous growth,” stated G. Douglas Edwards, President and CEO of Morgan Keegan. “We are very impressed with the quality of Shattuck Hammond’s platform and the reputation of their investment bankers in the healthcare industry. Both firms share the same philosophy of providing high quality, solution-based investment banking services to meet their clients’ needs and building long-term relationships.”
Founded in 1993 as an investment banking boutique focused on healthcare services, Shattuck Hammond is one of the largest healthcare-focused advisory firms on Wall Street with approximately 50 employees. Headquartered in New York, the firm has offices in Atlanta, Chicago and San Francisco. In the last 12 years, Shattuck Hammond has completed 160 M&A transactions totaling over $10 billion in value and has raised nearly $13 billion for clients through debt and equity placements.
Michael B. Hammond, a principal and board member of Shattuck Hammond, will direct this new division’s business operations. All thirteen principals of Shattuck Hammond will join Morgan Keegan as managing directors. The company’s principals average over 20 years of healthcare industry experience.
“We are extraordinarily excited about the opportunity to combine our business with the resources of Morgan Keegan and Regions Financial,” said Hammond. “We are convinced that the combination will create a platform that will enable us to become the preeminent advisory and investment banking firm in the healthcare industry.”
The transaction is expected to close during the second quarter of 2007. Terms of the agreement are undisclosed.
Morgan Keegan & Company, Inc., one of the largest full-service brokerage and investment banking firms in the nation, is the securities brokerage arm of Regions Financial Corp. (NYSE:RF). Headquartered in Memphis, Tenn., Morgan Keegan has over 400 offices and more than $650 million in equity capital. Additional information about Morgan Keegan can be found here. Learn more about Regions Financial Corp., a member of the S&P 100 Index and one of the nation’s top 10 financial services providers, here.
Contact:
Gail Rimer
901-524-4183
